The transformation processes taking place in the global economy and the expansion of global business ties increase the overall vulnerability of the international banking system. One of the problems related to money laundering is the process of evaluating the efficiency of financial monitoring measures. The article discusses the issues of assessing the effectiveness of financial monitoring in the banking system of the country. For Ukraine, this problem is especially relevant, because there is a bank-centric model of the financial market (about 90% of assets go through the banking system) in the country. According to official data, 50% of economic activity in Ukraine ends with money laundering. The article presents the improved method that quantifies the level of financial monitoring system effectiveness at commercial banks of Ukraine based on calculations of the integral index. The index indicates the dynamics of the financial system protection degree from the money laundering threat based on the expediency and efficiency of financial monitoring in the banking system. As a result, more comprehensive conclusions about the level of financial security of the country are made. According to assessments, in 2017–2018 the efficiency of financial monitoring of the banking system of Ukraine was at the middle level (about 64%). The proposed method can be applied to evaluate the effectiveness of the financial monitoring system in any country and become the basis for improving the anti-money laundering system through the banking system. AcknowledgmentThe study was conducted as part of state budget research of Sumy State University – Formation of a Public Finance Transparency System as a Prerequisite for Combating Corruption in Ukraine (0118U003585) (in the context of evaluating the effectiveness of financial monitoring of the Ukrainian banking system) and Formation of Tools for the Ukrainian Economy Unshadowing Based on Causal Modeling of Interaction Trajectories of Financial Intermediaries (0120U100473) (in the context of substantiating the need and directions for improving the financial monitoring system in Ukrainian banks).

Though the ideology of efficiency has been investigated for many centuries, still it has not gained a clear definition and interpretation either in the scientific literature, or in the practice of corporate governance. This paper seeks to examine the mainstream theories of corporate governance in an attempt to suggest that efficient corporate governance has no logical claim to "objectivity" and it does not always contribute to trust-building. The purpose of this paper is to explore the ideology of efficiency, both with respond to its inconsistency and incoherence within trust-building corporate governance. The results suggest that efficiency is ideological and political concept that fails in repairing the breach of trust-building corporate governance. The efficiency as a new ideology of trust-building corporate governance promises to advance our understanding of corporate purpose beyond the old "shareholders-versus-stakeholders" and "shareholders-versus-society" debates.JEL Classifications: G32, G34, G41

The COVID-19 pandemic has caused the acceleration of digitization and the consideration of digital financial inclusion as a means to minimize negative economic consequences and increase the resilience of households and SMEs. The purpose of this article was to assess the impact of the COVID-19 pandemic on digital financial inclusion by constructing and calculating an integral index of digital financial inclusion (DFI) based on Global Findex Database indicators. The approach to calculating the DFI index and two sub-indices that characterized passive participation in financial relations and active use of digital technologies was based on a linear mathematical model of the integrated indicator and on the use of the Fishburn formula to calculate the weight coefficients. The obtained results proved the acceleration of digital financial inclusion in 2021 and revealed significant differences in DFI between countries and groups of countries according to income level as well as problems of financial exclusion of the most vulnerable groups of population, especially in developing countries. The obtained results regarding the level of DFI are discussed from the point of view of COVID-19 impacts: both directly by influencing consumer behavior and decisions regarding digital financial services and from a broader perspective by influencing business entities, financial service providers, and regulation.

The article deals with the analysis of non-bank financial institutions activity on the financial market of Ukraine, their basic progress and co-operating trends with the real sector of economy. The degree of development of non-bank financial institutions is presented through the context of their influence on the economic growth of Ukraine, and is based on appropriate foreign experience. Moreover, it is presented a methodical approach of determining the integration of non-bank financial services market into the world financial space on the basis of analysis of the level of openness and development of the domestic economy as a whole and the market of non-bank financial services in comparison with other countries of the world.It is made a comparison of the Ukrainian non-bank financial services market general level with indicators of development of this sector in other countries of the world. Furthermore, it is determined the share of foreign capital in the domestic market of non-bank financial services of Ukraine that allows to determine the effectiveness of the changes that it brings to the domestic financial services market. Finally, it is compared volumes of mutual use of foreign capital in the activities of the Ukrainian non-bank financial services market and domestic capital in the activities of foreign non-bank financial institutions.

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